First City Capital Management Inc. Sells 1,979 Shares of Truist Financial Co. (NYSE:TFC)

First City Capital Management Inc. trimmed its position in Truist Financial Co. (NYSE:TFC) by 13.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 13,122 shares of the insurance provider’s stock after selling 1,979 shares during the quarter. First City Capital Management Inc.’s holdings in Truist Financial were worth $540,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TFC. Hopwood Financial Services Inc. acquired a new position in Truist Financial during the 4th quarter valued at about $26,000. Navigoe LLC acquired a new position in Truist Financial during the 4th quarter valued at about $26,000. Curio Wealth LLC acquired a new position in Truist Financial during the 4th quarter valued at about $45,000. TCTC Holdings LLC boosted its stake in Truist Financial by 28.1% during the 4th quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider’s stock valued at $57,000 after purchasing an additional 287 shares during the last quarter. Finally, Pinney & Scofield Inc. acquired a new position in Truist Financial during the 4th quarter valued at about $57,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Truist Financial stock opened at $40.66 on Friday. Truist Financial Co. has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The business’s 50 day simple moving average is $38.43 and its 200 day simple moving average is $42.67. The company has a market cap of $53.25 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.63 and a beta of 0.84.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the firm posted $0.90 EPS. Sell-side analysts forecast that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.12%. Truist Financial’s payout ratio is 61.36%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Stephens cut their price target on Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Piper Sandler cut their target price on Truist Financial from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. Keefe, Bruyette & Woods cut their target price on Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. TD Cowen initiated coverage on Truist Financial in a research note on Thursday, May 15th. They issued a “hold” rating and a $44.00 target price on the stock. Finally, Morgan Stanley cut their target price on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, April 7th. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.83.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.